I am wondering is it a good time to buy ISYS now? Since it rise a bit last week.

http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT/FullStory&c=StoryFT&cid=1059480588955

Should be close if the FT are reporting it.

here is the full ft report for those interested....

Invensys is in talks with two bidders to sell its water metering unit, valued at up to 600m ($1bn), as the former engineering conglomerate nears the end of its three-year disposal programme.


Danaher Corporation, the Washington DC-based industrial group, is vying head-to-head with the management of the water meter business to win control. A deal is expected in the next few days. Invensys had hoped to announce a sale of the division on Tuesday along with its trading statement.

The group, led by Rick Haythornthwaite, chief executive, said its performance in the first half was in line with expectations and sales in its two divisions were slightly ahead of last year.

Analysts appeared disappointed that the company did not update investors on any new disposals.

Harry Philips, analyst at Williams de Bro said: "This is a trading statement that is only just on the right side of being OK."

Another said: "Prior to the trading statement, there was excitement percolating in the market and the share price went up because people thought that disposals were imminent. But there has been no sparkling news." The shares edged up 1/4p to 34p on Tuesday.

Invensys is disposing of non-core units in an attempt to wipe out debt and start afresh as a rail systems and production management company. Its share price has more than trebled since its low of 9p this March. Invensys this year sold Baan, its lossmaking software group, and Teccor, its computer chip programme.

Invensys has net debt of more than 1.6bn, despite raising 1.8bn from disposals last year. In April, along with its second profit warning of the year, the group announced plans for a second round of sales to raise a further 1.8bn over the next two years.

Danaher, which makes domestic, commercial and industrial water and gas meters, as well as providing meter-reading services and solutions, recently said it intended to grow the business at an accelerated rate.

In a message to shareholders, Lawrence Culp, Danaher president and chief executive, said: "Acquisitions that strengthen existing businesses and establish new platforms will be the priority."

Once the water metering business is sold, Invensys will pursue the sale of Hansen Transmissions, a Belgium-based maker of wind turbine gearboxes.